1 Learning Activity 2 i Financial ratios computed for Whittaker inc include the following: - All sales during the year were made on account. Cash collections during the year exceeded sales by $28,000, and no uncollect accounts were written off. - The balance of the accounts recelvable account was $114,000 on January 1, 2020. - No common stock was issued during the year. - Dividends declared and paid during the year were $15,200. - The balance of the inventory account was $96.000 on January 1,2020. - Interest expense on the income statement relates to the 15% bonds payable; $20,000 of these bonds were issued on May 1,202 the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. Required: a. Complete the income statement and balance sheet for Whittaker inc \begin{tabular}{|l|r|} \hline \multicolumn{1}{|c|}{ WHITTAKER INC. } \\ \hline \multicolumn{1}{|c|}{ Balance Sheet } \\ \hline \multicolumn{1}{|c|}{ December 31,2020} & \\ \hline Current assets: & \\ \hline Cash & \\ \hline Accounts receivable, net & \\ \hline Inventory & \\ \hline Total current assets & \\ \hline Property, plant, and equipment, net & \\ \hline Total assets & \\ \hline Current liabilities & \\ \hline Bonds payable, 15% & \\ \hline Total liabilities & \\ \hline Stockholders' equity: & \\ \hline Common stock, $2 par value & \\ \hline Additional paid-in capital & \\ \hline Retained earnings & \\ \hline Total stockholders' equity & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular}